Private sector lender, Axis Bank has received approval from its board of directors to raise funds up to Rs 15,000 crore through issuance of various securities, according to the bank’s regulatory filing.
The bank submitted the filing on Thursday said the funds will be raised "through issue of equity shares/depository receipts and/or any other instruments or securities representing either equity shares and/or convertible securities linked to equity shares.”
The bank may also raise funds through “Qualified Institutional Placement (QIP)/ American Depository Receipts (ADRs)/ Global Depository Receipts (GDRs) programme, preferential allotment or such other permissible mode or combinations as may be considered appropriate by the Board.”
However, Axis Bank has noted that the proposal to raise funds will be subject to the approval of shareholders at the ensuing 26th annual general meeting (AGM) of the bank. In a separate filing, the lender has said that the board will convene the AGM of the shareholders on July 31, 2020, through video conferencing.
Soon after the bank informed stock exchanges about the board’s approval to raise funds, its shares were trading at Rs 423.10 apiece on BSE, down 2.34 per cent from the previous close.